As the Paris 2024 Olympics comes to a close, there’s a lesser-known fact that adds to the plot of the games: the Olympic gold medals aren’t entirely made of gold.
This year, the prestigious gold medals consisted of 523 grams of silver and six grams of gold.
The silver medals, on the other hand, are made from pure silver and weigh slightly more at 525 grams, while the bronze medals are crafted from a mix of copper, tin, and zinc, weighing in at 455 grams.
Adding a unique touch to this year’s medals, each have included a piece of iron from the Eiffel Tower, further enhancing their historical and cultural value.
As for the value of the medals, according to Oxford Economics, the gold medals are worth about $US1027, excluding the priceless Eiffel Tower iron piece.
Silver medals are worth around $US535, and bronze medals, with their mix of industrial metals, are valued at just $US4.60.
Looking ahead, the value of Olympic medals is expected to increase, driven by the rising prices of the metals in the future.
Gold medals are projected to be worth $US1136, with silver and bronze medals valued at $US579 and $US5.20, respectively, at the Los Angeles 2028 Olympics.
When the games come to Brisbane in 2032, gold medals could potentially reach $US1612 in value.
The upward trajectory in medal values is largely attributed to the robust fundamentals of the precious and industrial metals markets.
Gold prices are expected to surpass $US2640 per ounce by 2028, driven by strong demand from emerging market central banks and Chinese consumers.
Silver, though more unstable due to its significant industrial usage, is expected to appreciate to $US31.27 per ounce by 2028.
Copper is predicted to see significant price growth as well, potentially reaching $US11,051 per tonne by 2028.
Zinc and tin are also expected to maintain their strength in the commodities market, with zinc expected to average $US2863 per tonne by 2028. Tin prices, driven by strong demand from the electronics sector, could average $US33,834 per tonne this year.
If the Olympics has shown us one thing it’s that commodities continue to play a pivotal role not only in crafting the medals that underpin the games, but also in shaping the global economy.
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